Pastor Maldonado confirms F1 exit

Pastor Maldonado has confirmed that he will not drive for Renault Formula One (F1) team in this year's season.

The Venezuelan driver announced that he won't be on the grid in 2016 through a statement posted in Twitter, “Today with the biggest humility I inform you that I won't be on the grid at the start of the 2016 season. Thanks for all the messages of support, passion and concerns about my future.”

The Renault F1 team previously stated that their two drivers for the 2016 FIA F1 World Championship will be Joylon Palmer and Maldonado. However, Maldonado has run into sponsorship problems, particularly with Venezuelan oil company PDVSA.

Former McLaren driver Kevin Magnussen will reportedly be Maldonado's replacement. As a review, Magnussen finished 11th in the drivers' championship during his stint in McLaren back in 2014. However, he was demoted as a reserve driver when Fernando Alonso joined McLaren last season.

Renault F1 has yet to confirm its driver line-up for the 2016 F1 season.